The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by JSW Infrastructure Limited for the acquisition of NCR Rail Infrastructure Limited (formerly Arshiya Rail Infrastructure Limited). The order, pronounced on Thursday, paves the way for the corporate debtor to be revived as a going concern. The resolution plan, which was approved by the Committee of Creditors (CoC) with a unanimous 100% voting share, entails a total plan value of approximately Rs 467.47 crores.
JSW Infrastructure has proposed an upfront payment of Rs. 426 Crores to the financial creditors. In a unique financial restructuring move, the balance principal outstanding will be converted into Redeemable…